Luca Prosperi @LucaProsperi Twitter profile | Pikagi

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Luca Prosperi

@LucaProsperi

7,783

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1,000

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| President @m0foundation | Advisor @CherryVentures | Avant-gardist. Athlete. HL survivor ✊🏼

🇮🇹 • 🇧🇷 • 🇬🇧

https://t.co/eJyJV3cf1b

Joined July 2011

Don't wanna be here? Send us removal request.

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@LucaProsperi

Luca Prosperi

4 months

Everybody knows you need support in order to build something which doesn't exist. But sometimes support is not enough, you need very serious life warriors to shake up the largest profit centre in the world: MONEY. With this $35m Series A, the @m0foundation steps up to yet

@m0foundation

M^0

4 months

1/📢 We are thrilled to announce the #Ethereum Mainnet launch of M^0 as well as the closing of a $35M Series A round led by @BainCapCrypto , with support from new investors @galaxyhq , @wintermute_t , @GSR_io , @caladanxyz and @SCB10X_OFFICIAL .

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@LucaProsperi

Luca Prosperi

3 years

0/ @terra_money has established @anchor_protocol has a simple and powerful entry gate to the ecosystem. Fast-forward 10b later, questions arise about the sustainability of the famous 20% deposit yield on $UST. We must pay attention 👇

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@LucaProsperi

Luca Prosperi

2 years

🧵/ Shared a week ago my thoughts on the need for a new stablecoin taxonomy - given the importance I’m doing it again Using *ALGO* ( @terra_money ) vs *OVER-COLLATERALISED* ( @MakerDAO ) is improper and redundant. We must do better So here’s my take 👇🏻

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@LucaProsperi

Luca Prosperi

2 years

0/ At @MakerDAO we are exploring the possibility of kicking-off one of the largest fund raising efforts in DeFi in order to boost the System Surplus and turbocharge Maker's growth plans. This would be much more than a plain vanilla raise of cash through VC funding 🧵👇

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@LucaProsperi

Luca Prosperi

3 years

0/x And when I thought I had mastered it, digested it, and expelled it, it hit me back like a boomerang. I’m back on @OlympusDAO and it wasn’t the price crash to get me here but @ohmzeus (unsure it’s his real name)

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@LucaProsperi

Luca Prosperi

2 years

0/ I’m on a personal fight to remove the word Real-World Assets (or RWA) from the DeFi jargon It is truly a logical insult and a counterintuitive definition that can do way more harm than good *PLEASE* help - here is why 👇🏻

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@LucaProsperi

Luca Prosperi

2 years

Many have asked me about this week's voting @MakerDAO I have read several takes on what has happened and what this represents Being the proponent of Lending Oversight, it is my right to tell you my version of the story. If you care about DeFi, read

# 42 | Valkyrie: MakerDAO and Our Side of History

DAOs In 2022: Dystopian Authoritarian Oligarchies

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

8 months

The M^0 whitepaper is live. M^0 is an on-chain protocol, as well as a set of off-chain standards and APIs, that allows multiple issuers to mint a fully fungible cryptodollar: M. Minters connect to the protocol to manage the supply of M. Validators support the process

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@LucaProsperi

Luca Prosperi

1 year

0/🧵 In January 2023 @g_dip , @Oliver_Schimek , and myself founded M^ZERO LABS_ ( @m0labs ) - this is why we did it What will M^ZERO be? A neutral value transmission framework able to permissionlessly mint currencies under decentralized governance This is *MY VERY PERSONAL* view 👇

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@LucaProsperi

Luca Prosperi

2 years

0/🧵 DeFi liquidity went down from 200b ATH to current 60-ish, bettered by interest rates, frauds, bad execution I couldn’t be happier to invest and build today. These are my: # 3 most relevant protocols # 3 protocols I’d stay away from # 3 things we are missing IMO 🧵 👇🏻

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@LucaProsperi

Luca Prosperi

2 years

0/ I’m a broken record but *I DON’T CARE* It is easy to write post mortem on how bad was @FTX_Official fuck up, but useless I’ll do something else, I will show you what parallelisms there are between FTX and a so-called OG I know well, @MakerDAO Might be useful 🧵

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@LucaProsperi

Luca Prosperi

3 years

Fantastic chat with @mr_optimax from @centrifuge on on-chain alt-lending with @MakerDAO and @AaveAave , but also high-quality DeFi vs speculation, and the long term dream of totally decentralised lending - 🙏🏼 and looking forward for more, the more you explore the longer the road!

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@LucaProsperi

Luca Prosperi

2 years

0/🧵Last week saw the most participated / contentious vote in the history of DAO governance happening at @MakerDAO I have now had the time to absorb a lot of what happened in the past days, and being at the centre of it with my proposal for a Lending Oversight unit, my take 👇

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@LucaProsperi

Luca Prosperi

3 years

0/ The math connecting lenders <> borrowers on protocols such as @compoundfinance and @AaveAave comes right after @Uniswap 's constant product function when it comes to influencing the whole DeFi industry. Strangely, it hasn't been challenged the same way. This might change 👇

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@LucaProsperi

Luca Prosperi

4 months

This has been in the making for a bit, but bringing what we believe are the absolute best players in the tech/ fintech/ crypto ecosystem and market structure is an achievement I will always be proud of @m0foundation And now, let's break some porcelain and build *huge* things

@GSR_io

GSR

4 months

1/ Congratulations to M^0 on their $35 million Series A raise! GSR is excited to be backing @m0foundation .

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@LucaProsperi

Luca Prosperi

3 years

We went through hell together, and instead of getting shredded into pieces, we got tanned 🤟💪🥰 To the Gods who gave us the blessing of going through the fear of death, the pain of chemotherapy, and the power of a rebirth, we say thank you. Love you all, let's make it count.

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@LucaProsperi

Luca Prosperi

3 years

On the one hand I feel the upcoming DR issue on @centrifuge and @MakerDAO to be even more relevant, but on the other DeFi gives you this perennial feeling of being late in catching up with what’s going on 😭

@AaveGrants

Aave Grants

3 years

Aave Centrifuge Permissioned “RWA” Market Proposal @Centrifuge is proposing to create a new permissioned Aave market for real world assets

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@LucaProsperi

Luca Prosperi

2 years

0/ Stablecoins are the turf where DeFi 1.0 is going to fade and DeFi 2.0 will emerge. I have dedicated a lot to study and participate in the ecosystem. Here is my take 🧵: * What will be Stables 1.0 terminal illnesses * What will still be relevant * What will emerge as new

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@LucaProsperi

Luca Prosperi

2 years

0/ I’ve been warning people against false idols for more than a year now - let me remind you once again please, maybe I stimulate curiosity and save some good savers Sure, I missed some, but here’s my horror gallery 🧵

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@LucaProsperi

Luca Prosperi

2 years

🧵/ Personal reflections on @OrthoTrading > @Maven11Capital > @maplefinance events as some one close to the scene Defaults happen, being it TradFi/ CeFi/ DeFi. The idea of reducing *ALL* uncertainty so that automatic processes can resist it, is flawed and anti-mathematical

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@LucaProsperi

Luca Prosperi

2 years

It's what you do in the dark that puts you in the light Finally coming out of stealth with @g_dip and @Oliver_Schimek to build M^ZERO LABS_ @m0labs It will be worth it

@CoinDesk

CoinDesk

2 years

A team combining expertise from traditional finance and @MakerDAO have raised $22M seed funding for institutional DeFi network M^ZERO. @IanAllison123 reports

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@LucaProsperi

Luca Prosperi

6 months

I find @AngleProtocol move to create USDA a beautiful example of DeFi-powered composability: * @BackedFi orchestrating collateral * @SteakhouseFi risk managing * @MorphoLabs providing vault tech * @AngleProtocol optimising features This is what the space is capable of

@pablo_veyrat

Pablo 📐

6 months

Now we come in and play with the big boys! Angle is going to launch USDA, a USD stablecoin! Expect the best of: - yield - reliability - liquidity - transparency - and Forex! There is a lot more to unpack and I can't wait to share this!

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@LucaProsperi

Luca Prosperi

2 years

Kudos to @brian_armstrong & @coinbase for the courage against the current in calling some of the most innovative projects in money design Decentralised (stable)coins, or decentralised usable money in general, are the core of novel financial design We are just at the beginning

@llamaonthebrink

MilliΞ

@llamaonthebrink

2 years

Coinbase is making a Request for Builders on their L2 and one of the products they want to incubate is a non-fiat pegged stable 👀

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@LucaProsperi

Luca Prosperi

2 years

I have had the long-term vision that in pure composable spirit @MakerDAO will be the ultimate source of structured liquidity in DeFi. Exploring D3M-like integrations with protocols like @AaveAave , @compoundfinance , but also @TrustToken , @maplefinance , @goldfinch_fi is the way.

@RyanRodenbaugh

Ryan Rodenbaugh

@RyanRodenbaugh

2 years

1/ Thanks to all who provided feedback ( @LucaProsperi @ImperiumPaper @nad8802 @DooWanNam @jensenhaji @hexonaut + many others!) Please leave comments on the post and we'll be happy to answer any questions.

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@LucaProsperi

Luca Prosperi

3 years

9/ If the superficiality of threads hurts you as much as it does to me, you can check this week's Dirt Roads on this. Disclaimer: I do not own nor farm $ANC but I use @anchor_protocol to deposit a meaningful although not life-changing $UST amount

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# 34 | Anchor Protocol (II): Too Big to Thrive

The Only Thing We Are Asked For Is Paying Attention

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

2 years

The meme is real -> @MakerDAO might be climbing the ladder of composability to become not the lender of borrowers, but the lenders of protocols who lend to (protocols who lend to) borrowers - after @TrustToken , @maplefinance - it is exciting when a vision might become a reality

@maplefinance

Maple

2 years

Maple is uniquely positioned to help @MakerDAO scale the $DAI supply, and fund the future together. The partnership would see Maker's D3M and Maple’s pool delegate model and smart contract kit combine. Here’s why @lucasmanuel_eth is excited... 🧵...

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@LucaProsperi

Luca Prosperi

2 months

Truly spectacular piece of research written by @Delphi_Digital on @m0foundation As a builder, the moment someone just ‘gets’ what you’re trying to build is a powerful eureka 🙏🏼

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M^0: Rearchitecting The Stablecoin Stack

Tether recently announced a record-breaking $5.2B in profit in the first half of 2024. Tether is now on track to generate nearly double Blackrock’s 2023 earnings. For context, Blackrock is the...

members.delphidigital.io

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@LucaProsperi

Luca Prosperi

2 years

I wasn't alone in the conviction that DAO governance is not only HORRIBLE, but also just NOT AMBITIOUS ENOUGH. So we founded a band: * Lead singer, just hot, @packyM * Bass guitar, sophisticated and complex, @divine_economy * Drums, hidden and mysterious, @LucaProsperi GFY!

@packyM

Packy McCormick

2 years

DAOs shouldn't speedrun the history of offline governance. They should experiment with internet-native governance and evolve beyond offline at internet speed. Me, @LucaProsperi & @divine_economy talk forking. Drop your ENS below to get involved 👀

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@LucaProsperi

Luca Prosperi

2 years

Tough times form characters and test belief @MakerDAO emerged from the Terra crisis as the strongest pillar of DeFi, it is the time to build for the next 10 years. We want to contribute to this @adcv_ @AesPoker @hexonaut @nad8802 @SebVentures @Lempheter

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@LucaProsperi

Luca Prosperi

2 years

1/ Every pegged currency has an algorithmic component - @MakerDAO itself is 50% backed by other stables thru algorithmic incentivisation The key difference, instead, resides in the nature of collateral used for backing To me it’s about *ENDOGENOUS* vs *EXOGENOUS* collateral

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@LucaProsperi

Luca Prosperi

3 years

For all the geeks out there that want to read more about how @MakerDAO could become the most powerful ramp for TradFi into DeFi, here's the link to the report. Thanks to many, but particularly to @MakerDAO_SES @william_remor and @RuneKek for supporting!

211124 - RWS - Report vSHARED.pdf

drive.google.com

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@LucaProsperi

Luca Prosperi

2 years

0/ Memes often hide laziness or bad faith - they generalise local truths and make experimentation (i.e. learning from mistakes) impossible. I want to kill every meme I find This week I start with a big one: "algo stables are dead" We need better categories for stablecoins 🧵👇

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@LucaProsperi

Luca Prosperi

2 years

1/4 🧵And so my days as CU facilitator @MakerDAO are over - before starting 😂 The ratification vote of Lending Oversight ❤️ attracted 294k voting $MKR - huge record. Most of institutional crypto backed the idea of financial oversight, but that wasn't enough, @RuneKek didn't

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@LucaProsperi

Luca Prosperi

6 months

Saying that the stablecoin space is overcrowded is myopical IMO The "stablecoin" space is actually aiming at redesigning the full-stack of money transmission, one that today includes 100s of banks, central banks, correspondents, payments etc. It is also bifurcating, with

@withAUSD

Agora

6 months

We are thrilled to announce that we have raised a $12 million Seed round, led by @dragonfly_xyz . Agora is building next-generation payments and asset infrastructure for the transmission of value on blockchain-based rails.

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@LucaProsperi

Luca Prosperi

3 years

At the bottom of it credit risk is boring. Or is it? Another of a long series of posts on @MakerDAO , @centrifuge , and the long term ambition of plugging DeFi to the real world - special thanks to @mr_optimax and Maker’s forum contributors 🙏🏼

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# 10 | Crypto-Alt-Lending: a Primer

I Reviewed an On-Chain Structured Finance Deal - I Know, It Doesn't Sound Funny

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

2 years

I join forces with @llama to captain the delegation platform at @MakerDAO . Why? * Delegates play a central role in governance * Delegates profile should be augmented * DAO-2-DAO relationships are the future of crypto * The Llama community is awesome Join by delegating your $MKR

@llama

Llama

2 years

. @MakerDAO @LucaProsperi joined our Maker delegate platform as Delegation Captain, leading communications. Learn more about Llama's delegate platform that operates under our guiding principles and values: Rigor, Ownership, Trust & Transparency.

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@LucaProsperi

Luca Prosperi

2 years

0/ With the 4pool proposal on @CurveFinance , @stablekwon and @terra_money have declared war to @MakerDAO . Putting BS founder-flexing aside, why has this been done and what does this mean? This is what DR looks into today with Occam's razor mindset 👇

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# 36 | Terra v Maker: War of the Worlds

Conquering Living Space Ain't the Big Deal, That Comes With Keeping It

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

2 years

0/ A week ago I shared that some at @MakerDAO are thinking about one of the largest fund raising campaigns in DeFi history. But how could this work? Below is why I think it could be one of the highest-value added initiatives of 2022 👇🧵

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@LucaProsperi

Luca Prosperi

2 years

Couldn’t agree more. It is exciting to finally be able to build conservatively without being accused of stasis

@adammoves_

Adam

2 years

The demand for decentralized stablecoins is here to stay. The light of this situation is that when the dust settles we will have really learned what will work and what won’t. Hedging, insurance, collateralization, LP incentives, stableswap, and user demand, Still optimistic.

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@LucaProsperi

Luca Prosperi

8 months

From @ycombinator , comes today a list of requests for founders and builders One of those requests is *STABLECOIN FINANCE* There are a few extracts worth pointing to in the short text, for anyone who's too busy in the regulatory soap opera or in indulging the illusion that the

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@LucaProsperi

Luca Prosperi

2 years

10/ We could get very geeky very quickly. As usual, for the *NERDS* around you, here's the Dirt Roads piece to put you to sleep. Let's go!

# 37 | Capital Structures for Stablecoin Protocols: the Revenge of the Sith

MakerDAO Is Gearing Up for One of the Largest Fund Raising Efforts in DeFi History

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

2 years

DAO TALK: WE ARE ALL EQUAL BS I want doctors for diseases, economists for banks, engineers for bridges, pilots for planes. Equality is transparency, access, and ability for everyone to work hard to become the best version of themselves Respect for those who worked hard

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@LucaProsperi

Luca Prosperi

2 years

Let's be real. On-chain + (heavily) undercollateralised + liquid + algo stables are a naked moving target for a herd of professional snipers from TradFi

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@LucaProsperi

Luca Prosperi

2 years

With less than 1 day left for voting you should watch @MakerDAO If MOST of the crypto VC industry joining forces isn’t enough to pass an oversight audit function, I wonder how we can call Maker decentralised Voting NO thru shadow (or flipping) delegates and proxies won’t help

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@LucaProsperi

Luca Prosperi

2 years

5/ ALSO, USING REAL-WORLD ASSETS TERMINOLOGY IMPLIES THE DIGITAL NATIVE ASSETS ARE BS $BTC materialises the value of past computing power, PoS $ETH that of network width and resilience, etc. - aren’t those concept real? They are to many So here’s the CTA: “MORE ASSETS ON-CHAIN”

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@LucaProsperi

Luca Prosperi

2 years

I am researching existing governance modules/ mechanisms for DeFi protocol voting and decision making for What should I look at, apart from @compoundfinance and @MakerDAO ? Advice? @_PorterSmith @ahall_research @hasufl @mhonkasalo @MonetSupply @0xHamz

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Dirt Roads | Luca Prosperi | Substack

We observe value flowing through complex systems. Click to read Dirt Roads, by Luca Prosperi, a Substack publication with thousands of subscribers.

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

2 years

The $UST (expected) blowup gives confidence to those who are focused on developing new non-reflexive applications on crypto rails, and expanding adoption across “real-world” use cases. At @MakerDAO I’m among those, we have work for next 100 years, please be patient and come help!

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@LucaProsperi

Luca Prosperi

2 months

At @m0foundation we don't advertise the small initial steps, curse of overachievers * $19.5m worth of $M tokens minted by the system * $22.5m worth of collateral daily validated * 115% collateralizatio ratio - only ST T-bills allowed * transparent working

@g_dip

Greg Di Prisco | gdip.eth

2 months

Hey @m0foundation I thought all the numbers were supposed to be going down this week?

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@LucaProsperi

Luca Prosperi

2 years

6/ I’m on a mission to dismantle memes. Here’s my list: ‘Algo stables are dead’ ☑️ ‘Over-collateralised stables can’t scale’ (…) ‘Stablecoins are necessary’ (why we need a pegged asset anyway)

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@LucaProsperi

Luca Prosperi

3 years

10/x @OlympusDAO is not about getting rich quick, it’s about materialising complex financial uses around the $OHM token through an expanding set of actions. Not sure whether it’s investibile for me, but it definitely deserves our attention.

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# 33 | Olympus (II), a Coming-of-Age Story

Ode to the Year Without a Summer

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

3 years

@marilur1 Questo e' un post attento, che attraversa diversi livelli di consapevolezza sociale, umana, e storica. E' un post potente e sincero. Ma un post che in tanti avrebbero avuto paura di scrivere perche' consapevoli della scarsa qualità della controparte che legge. Evviva il coraggio.

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@LucaProsperi

Luca Prosperi

2 years

2/10 Most relevant protocol # 2: @maplefinance We all know DeFi needs institutional liquidity, but institutional liquidity needs quality of execution Maple has worked hard to develop the infrastructure We invested at @CherryVentures and it feels only the beginning

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@LucaProsperi

Luca Prosperi

3 years

An honour 1) to be considered a good writer by @sytaylor , 2) to be considered a good writer by @sytaylor on @finimize , 3) to be considered a good writer by @sytaylor on @finimize next to @packyM

@finimize

💸 F i n i m i z e

3 years

Who are the best writers in the DeFi space, according to @sytaylor ? @LucaProsperi - @packyM -

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@LucaProsperi

Luca Prosperi

2 years

6/ Most of the above protocols went down, some are still running insane risks with little buffers My advice, avoid: * poker players * gurus - don’t substitute @SBF_FTX for @cz_binance * children * influencers Trust the tech, work hard, and don’t invest if you’re not a pro

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@LucaProsperi

Luca Prosperi

3 years

3/ But @anchor_protocol is a negative-spread bank, with assets yielding a blended 4-5% for the protocol vs. a 19-20% cost for liabilities. Not a great position to be in. This means that at least 60% of the deposits should be lent out to borrowers, the number is now < 30%

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@LucaProsperi

Luca Prosperi

2 years

That’s it! I’m suing Congress for IP infringement - @Blockworks_ h/t @milesjennings and @fhomoney I also need a good lawyer 🤣 🤣

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@LucaProsperi

Luca Prosperi

2 years

#NFT lending is immature - great summary below by @pat_mayr There are few problems that make collateral liquidation @ market difficult: * Fair valuation difficult * Small and correlated market * Insiders' market / illiquid What is @BendDAO teaching us?

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Cherry Crypto — NFT Lending Models

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@LucaProsperi

Luca Prosperi

2 years

Rather than being in the "future guessing" game, I'd rather be in the "future building" one @Oliver_Schimek @g_dip @m0labs 2023: 1 AB (Anno Buildii)

@m0foundation

M^0

2 years

We are thrilled to announce that we have raised $22.5m to build M^ZERO, a decentralised value transmission mechanism @PanteraCapital , Road Capital, @airtreevc , @standardcrypto , @SALTConference , @paraficapital , Distributed Capital, Kraynos, @mourocapital , @EarlybirdVC

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@LucaProsperi

Luca Prosperi

2 years

I am proud to call @hasufl a fellow researcher and builder. I couldn’t imagine anyone with more unfiltered impact on @MakerDAO - I’m happy our ideas overlap quite a bit

@hasufl

Hasu⚡️🤖

2 years

If you hold MKR and support my ideas -- esp for Maker to move *away* from micromanagement and *towards* a board-of-directors style DAO that sets the strategic direction for the protocol -- please delegate to me! It only takes 1 minute and is non-custodial.

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@LucaProsperi

Luca Prosperi

9 months

And after 1 year of mad building, it’s finally (almost) coming! • MAKE • MONEY • GREAT • 🔥 💰 🔥

@m0foundation

M^0

9 months

1/ Money is the most complex mass-adopted product in existence. At its core, money is infrastructure. Most people don't think about it that way, because they only interact with the "front-end" of money - instruments that allow them to transfer and store it.

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@LucaProsperi

Luca Prosperi

2 years

🧵>> @FTX_Official expressed their intention to launch a stablecoin - after @circle , @binance , etc. this is no coincidence Soon, IMO every large exchange, asset manager, bank (?) will likely try to own its own stablecoin. Why?

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@LucaProsperi

Luca Prosperi

1 year

@m0labs welcomes @reginatto to the team For almost a decade, at @circle João has been one of the lead architects of $USDC Today, he joins a team redesigning from the ground up value transmission, on-chain Special thanks to our investors who convinced him it was the right move

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@LucaProsperi

Luca Prosperi

2 years

0/ When your kids swipe 2.5b per year on your protocol card, you got a problem. @terra_money hijack of the liquidity sitting in @CurveFinance ’s 4pool is the move of a bold but reasonable father. But why-how-what it means. Thread for the uninitiated🧵

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# 36 | Terra v Maker: War of the Worlds

Conquering Living Space Ain't the Big Deal, That Comes With Keeping It

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

3 years

As a kid I had dreamed to become The Batman, protecting Gotham from the bad guys and hoping for a bright future. Following a maturation process and years in banking I’ve decided that my true calling was being the Facilitator of @MakerDAO Lending Oversight CU. Long live the DAO!

@PowerhouseDAO

Powerhouse

3 years

1/ Meet @LucaProsperi , proposed facilitator of the Lending Oversight Core Unit, tomorrow on the MakerDAO SES Weekly Status Update at 3:30pm UTC 👇

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@LucaProsperi

Luca Prosperi

2 years

I am shocked and amazed we are still trapped in the *ENDOGENOUS COLLATERAL* game, over and over And I’m starting to believer this is engrained in a generation that has as leaders poker players, gamblers, traders Once more the below becomes relevant 👇🏻

@cz_binance

CZ 🔶 BNB

2 years

Two big lessons: 1: Never use a token you created as collateral. 2: Don’t borrow if you run a crypto business. Don't use capital "efficiently". Have a large reserve. Binance has never used BNB for collateral, and we have never taken on debt. Stay #SAFU .🙏

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@LucaProsperi

Luca Prosperi

10 months

1/ I joined DeFi when @MakerDAO was trying to reinvent money creation for a digitally-native economy Money creation is central to human interactions Today is bending the knee to regulators to protect profit centres ( @Tether_to ) or a future IPO ( @circle ) I don’t stand for this

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@LucaProsperi

Luca Prosperi

5 months

Love you guys! Next time remind me we are recording the video though 🤣 One of the best set of questions I have been asked on a podcast, can’t wait to the next one

@0xResearch

0xResearch

5 months

NEW INTERVIEW @m0labs co-founder and CEO @LucaProsperi unpacks: - M minting, collateral, & redemption design - 2-token governance system - $100B+ endgame for M^0 - Incentivizing active governance Timestamps (0:00) Introduction (3:23) M Minting & Redeeming (13:17) Collateral &

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@LucaProsperi

Luca Prosperi

2 years

@mhonkasalo Totally - stETH/ETH spread is function of: 1) time value of money 2) ETH roadmap certainty 3) stETH vs ETH fungibility 4) @LidoFinance specific risk We should try to source information from the spread movement but *peg* is the *wrong* term

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@LucaProsperi

Luca Prosperi

2 years

This week DR was dedicated to @LiquityProtocol - one of the purest yet most pragmatic implementations of USD-pegged decentralised stables From this week, DR will move to a monthly release I am busy *BUILDING* It's time for DeFi to step up its game ⌛️⌛️

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@LucaProsperi

Luca Prosperi

2 years

‘I’m sorry’ This ain’t kindergarten babies, this is world-sized business. I guess we all had enough of the (so-American) myth of the prodigy child Going back to value hard work, humility, professionalism, stability, might do all of us some good

@SBF_FTX

SBF

2 years

1) I'm sorry. That's the biggest thing. I fucked up, and should have done better.

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@LucaProsperi

Luca Prosperi

3 years

0/n First (working) week for @KlimaDAO was a 💥 as expected - I guess many witnessed the success of @OlympusDAO on the sidelines and didn’t want to miss out; FOMO is the most powerful force to start a movement. My key takeaways until now, 🧵 time 👇

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@LucaProsperi

Luca Prosperi

2 years

I dream of a decentralised stable floating in synch with its underlying economy, like @reflexerfinance vs $ETH, with a central minter expanding this monetary base like @MakerDAO , and plug-in protocols deploying it across uses @maplefinance @TrueFiDAO @NotionalFinance @MorphoLabs

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@LucaProsperi

Luca Prosperi

8 months

I am starting drafting a long post on @eigenlayer for DR under corporate finance lens, touching: * Re-hypothecation vs re-staking * Protocol capital structure * Cost-of-security * Token-equity arb I am starting early, and I'd love if you serious researchers would drop your ideas

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@LucaProsperi

Luca Prosperi

3 months

This week, I am trying to experiment posting (a simplified version of) #DR 's posts here on @X . May you guys find it helpful. DR # 62 | @ethena_labs 's Odyssey: From Stable to Bond to Structured Product to Rollup. By the Time You Understand Ethena, Ethena Will Have Understood

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@LucaProsperi

Luca Prosperi

2 years

Many months of work on this. Landmark of TraDeFi A regulated regional US bank opening a programmatic syndication program with @MakerDAO , a permissionless protocol Substance means more than form here Kudos to @Lempheter Eric @CCDPetersen @william_remor and the HVB-RWA team

@Lempheter

Teej Boone Pickens

2 years

And we're live. The governance poll to add an RWA vault for Huntingdon Valley Bank RWA is open. If approved, this will be the largest @MakerDAO RWA vault to date. If you've been paying attention, you'll understand that the Overton Window is shifting for RWA <> DeFi.

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@LucaProsperi

Luca Prosperi

3 years

For 2022, try to spend one day in a hospital helping out. Keep company to a friend or relative undergoing chemotherapy, smile to a child with little to live, feel useless in front of the greatness of life and of the will to live. It will do you good, trust me ❤️

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@LucaProsperi

Luca Prosperi

2 years

DR #44 is all about @nounsdao , the most fascinating experiment on dilutive open-source governance so far If you, like me, care about developing better governance layers, or want to make money trading NFTs, or simply love the little ones, you should read

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# 44 | Nouns DAO: Organically Dilutive Governance in Motion

We Don't Live in a Strange Loop

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

2 years

0/ Many asked me in the past how come my way of operating in business and life changed so much after I came back from a year of cancer therapy I am a *NERD* so I put it in gonzo mathematics, to help those still in the comfort of health to tackle how they allocate time -> 🧵👇

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@LucaProsperi

Luca Prosperi

2 years

It took months since @SocieteGenerale appeared on @MakerDAO 's forum to pioneer the connection between TradFi and DeFi, but frontier innovation is *DIFFICULT* All details have now been ironed out and the transaction will be subject to community vote h/t @CCDPetersen + RWF + CES

@SkyEcosystem

Sky

2 years

The Real World Finance Core Unit has published the Societe Generale Risk Assessment. Societe Generale - Forge (SG Forge), a @SocieteGenerale subsidiary dedicated to digital asset projects, proposed to take a 30 million DAI loan from MakerDAO. A recap 🧵 1/

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@LucaProsperi

Luca Prosperi

3 years

I had started on my long overdue analysis of @compoundfinance when I fell down the rabbit hole. Warming: this post is not for those looking for quick and perfect answers to very complex issues.

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# 8 | Primitive Obsession: I Swear I Just Wanted To Write a Review of Compound Finance

Chasing the Elementary Constituents of DeFi Lending Protocols

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

3 years

10/ Apologies for the typos - I hate you @Twitter I can't edit my messages FFS stop being so orthodox

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@LucaProsperi

Luca Prosperi

2 years

@RuneKek doing its best to poke SEC by: - admitting decentralisation thru delegation is fake - proposing an insider transaction of his stake of LDO for more MKR - roaring engine for passing a plan to minimise regulatory exposure (but then by how much) @MakerDAO drop ‘DAO’ pls

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@LucaProsperi

Luca Prosperi

2 years

1/ EVERYTHING IS AN ASSET Whether you can ascribe value to that, and with confidence, it’s a different story. But everything is an asset, from housing to $BTC to watches to reputation to time

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@LucaProsperi

Luca Prosperi

2 years

This week @packyM , @divine_economy & me jammed on what mess crypto governance currently is, and how it could get messier - but more interesting 3 researchers, 3 approaches, 3 communities, 1 shared goal, 0 corporations involved Worth a read, fellas

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@LucaProsperi

Luca Prosperi

4 months

If you have recently discovered crypto and have the brilliant idea of dumping illiquid credit cr @p of some random source to back a stablecoin please DON’T WRITE ME

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@LucaProsperi

Luca Prosperi

3 years

1/2 @MakerDAO is probably the most ultra-conservative + under-levered protocol in DeFi ever. Notwithstanding this, it has been profitable and reached c. 10b of $DAI. Imagine what we could do if we had the capital to remain prudent while innovating.

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@LucaProsperi

Luca Prosperi

2 years

4/ BLOCKCHAIN TECH CAN HELP US MATERIALISE MORE ASSETS AND IMPROVE THEIR LIQUIDITY This is what we should work on: “more assets through crypto rails!” / not “real-world assets on crypto rails”

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@LucaProsperi

Luca Prosperi

4 months

Looking forward! I bet we can get @MacroMate8 agree on the appropriate use of the stablecoin nomenclature in 5 minutes, so that we can spend the remaining 55 learning how @ethena_labs successfully created a sophisticated crypto fund by tokenising one of the best trades around

@stable_summit

unStableSummit

4 months

Centralised control or decentralised autonomy? Watch the experts @MacroMate8 from @ethena_labs and @LucaProsperi from @m0labs duke it out over stablecoin designs at Stable Summit II. Choose your side and secure your attendance today!

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@LucaProsperi

Luca Prosperi

2 years

4/ Next and last step: based on the blended exogeneity of the collateral pool we can categorise stables along a continuum that goes from *ANCHORED* to *REFLEXIVE* coins $USDC, $USDT, $DAI are anchored $UST and $MIM are reflexive $FRAX is borderline The algo is a detail

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@LucaProsperi

Luca Prosperi

6 months

So we beat on, boats against the current, borne back ceaselessly into the part Over the last weeks of pump, not one serious analysis of compounded leverage, risk structuring, appropriate margining Just greed, leverage on leverage, token farms on farms Everyone is

@lucasmanuel_eth

Lucas Manuel

@lucasmanuel_eth

6 months

Yesterday @MakerDAO set up a DAI Direct Deposit Module (D3M) to deploy 100m of DAI (through @sparkdotfi ) to a Metamorpho vault that could be borrowed against sUSDe and USDe so users could leverage against these high-yield tokens. In just 24h, the entire 100m was borrowed by

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@LucaProsperi

Luca Prosperi

6 months

After a year away from Twitter, @m0labs is pretty much ready to exist Reshaping the digital dollar landscape is an immense task, and one that needs hyper serious talent, big balance sheet, relentless ambition, and tons of courage Check

@0xjayzero

Jacob | M^0 Labs

6 months

Excited to announce that I've joined @m0labs as Chief Growth Officer. If you're a defi protocol looking to integrate, an institution looking to onboard or a stablecoin junkie that just wants to learn about what we're doing, my DMs are open!

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@LucaProsperi

Luca Prosperi

2 years

@mrjasonchoi @SBF_FTX @yaffebellany @nytimes Only good (and meaningful) piece of journalism on the matter has been that if @IanAllison123 - to the post, early, factual, brutal, it started it all Kudos Ian, I’ve always respected you

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@LucaProsperi

Luca Prosperi

2 years

3 AM, Miami Beach, @Permissionless 2022. Writing @terra_money ’s post mortem didn’t make me feel any good. I would have rather been proven wrong and saved many others unnecessary losses. Stay safe out there, and be kind.

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# 39 | On the Long-Term Sustainability of Economic Systems

What We Must Learn from Terra’s Demise

dirtroads.substack.com

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@LucaProsperi

Luca Prosperi

2 years

My wife just gave me her blessing to go to Palm Beach. Does it make it @Permissionless then? 🥶 ✈️ 🇺🇸 @MakerDAO

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@LucaProsperi

Luca Prosperi

2 years

The D3M is the future of @MakerDAO - done wrong it might jeopardise the protocol, done right it will transform $DAI in the crypto version of the USD, but pacifist ✌🏼 and decentralised 🚀

@RyanRodenbaugh

Ryan Rodenbaugh

@RyanRodenbaugh

2 years

Following two weeks of review and an overwhelmingly positive signal request, we've moved to an on-chain vote of $MKR holders to Investigate the Implementation of a TrueFi D3M Please vote! @MakerGrowth

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@LucaProsperi

Luca Prosperi

2 years

Excited to join the herd at @llamacommunity_ and hoping Ican make myself helpful soon I’ve been admiring what @AustinGreen , @HelloShreyas and the team have been shaping for a while Even in the world of smart contracts, we shouldn’t be afraid of recognising power to the humans

@llamacommunity_

Llama

@llamacommunity_

2 years

@AaveAave @GitcoinDAO @radicle 2/ We're excited to welcome 7 new llamas to the herd! @0xDoing , @0xbilll , @LucaProsperi , @sovereignsignal , @punk4464 , @bybobbay , @cianfru

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@LucaProsperi

Luca Prosperi

2 years

Every second we live is another opportunity to be that cold-headed modafuka we admire in countless movies The universe gives you the chances, the rest is on you Personally, I crave panic like sharks love blood

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@LucaProsperi

Luca Prosperi

2 months

Helping @MakerDAO connect to the legacy financial world has been one of my core ambitions for a very long time as many know. Especially doing it the right way. I am excited for the @m0foundation to have the possibility to collaborate with Maker in making this happen. Maker is

@m0foundation

M^0

2 months

M^0 is excited to announce our participation in the @sparkdotfi Tokenization Grand Prix, an initiative aimed at shaping the future of tokenized yield-bearing assets and their integration into decentralized finance. M^0’s decentralized governance, rigorous audits, and immutable

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@LucaProsperi

Luca Prosperi

2 years

And the (probably) closest on-chain vote in the history of DeFi continues @MakerDAO Who's defending what doesn't matter, what matters is that DAO aren't anymore monolithic environment with >90% polls polarisation Work isn't over, vote for third-party oversight, VOTE FOR LOVE❤️

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@LucaProsperi

Luca Prosperi

2 years

Money stopped flowing in a while ago, and the Great Convergence has started in DeFi. @MakerDAO , @LidoFinance , @AaveAave , @CurveFinance , @Uniswap , are all looking at each other This week DR explores Aave's move in the stablecoin space with $GHO To JW

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# 46 | The Great Convergence: $GHO and the Story of the Five Old Kings

Minting Currency Is Great and Everyone Wants a Piece of It

dirtroads.substack.com

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